London spot fix

Definition

The initialtradingprice of an ounce of precious metal, including gold, silver, platinum and palladium, which are set daily at 10:30 and 15:00 GMT by the members of the London Gold Pool and used widely all over the world. This price is fixed initially once the members come to a conclusion at the end of the conference. However, the price varies outside the set times when these metals are being traded in the open market. Also called London a.m fix, London p.m fix, London morning fix, London afternoon fix.